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PW Lost Pond

The borrower is requesting a hard money loan to refinance out of another hard money lenders loan that has come due. The property is currently completed construction and about to come on the market at $475,000.

PROPOSED TERMS:

Loan Type:

Purchase

Loan Amount:

$230,000 1st Mortgage

Value of Subject Property:

$450,000

Loan to Value:

54%

Term requested:

9 Month Balloon

Exit Strategy:

sell property

Credit Score

low

HARD MONEY BANKERS COMMENTS:

The pros are:

The lender will have good collateral on an investment property in a good area. The Borrower is strong with experience and assets.

The cons are:

The Borrowers exit strategy of selling could take longer than expected in this market. Their credit is low.